Spectrum deal lifts shares 49%
times wire services
Spectrum Pharmaceuticals Inc. shares rose the most in six years after saying Allergan Inc. would pay it as much as $345.5 million to develop a bladder cancer drug.
Irvine-based Spectrum leaped 47 cents, or 49%, to $1.42, the most since Oct. 1, 2002.
Allergan, also based in Irvine, will pay $41.5 million now to Spectrum for the drug apaziquone and as much as $304 million more if the medicine reaches research, regulatory and sales goals. Apaziquone is being tested on people with non-muscle-invasive bladder cancer, the two companies said.
